Fitch rates CDS Holdco loan BB-

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of B+ to CDS Holdco III BV (M7).

The outlook is stable.

Fitch also assigned an instrument rating of BB- with recovery rating of RR3 to M7's senior secured term-loan.

The ratings reflect a cash-generative business model and scalable satellite pay-TV platform, which enables the company to profitably manage a number of small- to medium-sized customer bases across its geographic footprint, the agency said.

Sectorial risks related to mature operations in the Netherlands and Belgium are manageable as existing investments in the Czech Republic and Austria provide avenues for growth and stable to growing free cash flow generation, Fitch said.

The company's back office and technology operations are centralized with sales and marketing activities conducted locally, the agency said.

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